A Jurassic theme park and the historic Night Riviera sleeper train to Cornwall are among the recipients of billions of pounds of regional funding, Nick Clegg has announced today.

Ministers said £2 billion will be allocated to local authorities and businesses through a series of “local growth” deals to be spent in 2015/16.

The investment will kick in after the next general election in May and will cover five years from 2015 onwards. Officials said that it the investments were expected to yield over 150 roads, 150 housing developments, 20 railway stations.

The funding is targeted on efforts to provide skills training and small business support services throughout the regions.

Money allocated to Cornwall will be spent on improvements to the Night Rivera service, one of only two sleeper services in the country running six nights a week between Sunday Paddington and Penzance.

The money will fund upgraded sleeper berths and create space for bicycles and surfboards on the popular service.

In Dorset part of the investment will go into preparatory work for Jurassica a dinosaur themed amusement park planned for a120ft deep, 300ft wide disused quarry.

The money is billed as part of a drive to re-balance England’s economy London centric economy and crease jobs in the regions.

However the capital has been allocated 151 million from the fund, almost a tenth of all the investment allocated so far. Manchester alone received more with 170 million.

Some of the funds allocated to London will be spend on enabling boroughs to develop new affordable housing.

Prime Minister David Cameron - who is leading a series of regional visits by ministers - said the growth deals would help kick-start the economy in cities, towns and counties in every part of England.

"For too long our economy has been too London-focused and too centralised. Growth deals will help change all that," he said.

"They are about firing up our great cities, towns and counties so they can become powerhouses. By trusting local people, backing business and investing in infrastructure, skills and housing, we can create thousands of new jobs."

Deputy Prime Minister Nick Clegg, who chairs the local growth cabinet committee, said: "We are ending a culture of Whitehall knows best. Decisions over spending on infrastructure, business support and housing are being made at a truly local level.

"It will help end our over-reliance on the banks and the City of London, and generate growth, jobs, and ambition in towns and cities all across England."

Projects covered by the growth deals also include a number of large-scale schemes such as £18 million to revamp the Metrolink transport system in Manchester and funding for Birmingham to help the city make the most of HS2 high-speed rail link.

Smaller schemes to be funded include a £1m project to create the Silverstone Metrology Centre in Northamptonshire - a high precision measurement facility for hi-tech businesses - and a glass academy in Sheffield to train people to work in the city's glassworks.

Lord Heseltine, the former deputy prime minister - whose growth review last year led to the creation of the local growth fund - said the announcement was "a giant step in the rebalancing of our economy".